FirstEnergy Corp. (FE) Q1 2023 Earnings Call Transcript

FirstEnergy Corp. (NYSE:FE) Q1 2023 Earnings Conference Call April 28, 2023 10:00 AM ET

Company Participants

Irene Prezelj - Vice President, Investor Relations and Communications

John Somerhalder - Board Chair, Interim President and Chief Executive Officer

Jon Taylor - Senior Vice President and Chief Financial Officer

Conference Call Participants

Shar Pourreza - Guggenheim Partners

Jeremy Tonet - JPMorgan

Steve Fleishman - Wolfe Research

David Arcaro - Morgan Stanley

Angie Storozynski - Seaport Global

Sophie Karp - KeyBanc

Gregg Orrill - UBS

Julien Dumolin-Smith - Bank of America

Anthony Crowdell - Mizuho

Andrew Weisel - Scotiabank

Operator

Greetings and welcome to the FirstEnergy Corp First Quarter Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Irene Prezelj, Vice President, Investor Relations and Communications for FirstEnergy Corp. Thank you, Ms. Prezelj. You may begin.

Irene Prezelj

Thank you. Welcome to our first quarter 2023 earnings call. Today, we will make various forward-looking statements regarding revenues, earnings, performance, strategies, prospects and other matters. These statements are based on current expectations and are subject to risks and uncertainties. Factors that could cause actual results to differ materially from those indicated by these statements can be found on the Investors section of our website under the Earnings Information link and in our SEC filings.

We will also discuss certain non-GAAP financial measures. Reconciliations between GAAP and non-GAAP financial measures, the presentation that supports today’s discussion and other detailed information about the quarter can be found in the strategic and financial highlights document on the Investors section of our website.

We will begin today’s call with presentations from John Somerhalder, our Board Chair, Interim President and Chief Executive Officer; and Jon Taylor, our Senior Vice President and Chief Financial Officer. Several other executives will be available for the Q&A session.

Now, I will turn the call over to John Somerhalder.

John Somerhalder

Thanks, Irene. Good morning, everyone. Thank you for joining us today. We have accomplished a lot since our last earnings call and continue to build on the positive momentum we have seen over the last couple of years. Our first quarter GAAP earnings are $0.51 per share. Despite the impact of extremely mild first quarter temperatures, operating earnings are $0.60 per share, which is within the guidance range and reflects the continued execution of our long-term regulated growth strategy.